Final answer:
Risk mitigation attempts to reduce the probability of a risk event and its impacts. It involves implementing strategies and measures to minimize potential consequences.
Step-by-step explanation:
Risk mitigation attempts to reduce the probability of a risk event and/or its impacts to an acceptable level. This involves implementing strategies and measures to minimize the potential consequences of a risk. It includes actions such as implementing safety protocols, conducting regular inspections, and developing contingency plans.
For example, in a business setting, a company may implement fire prevention measures, such as installing fire alarms and sprinkler systems, to mitigate the risk of a fire breaking out and causing significant damage.